Jon Brorson
Jon Brorson
commentary earnings federal gone great greenspan last looking market members people sitting year
People are looking for commentary from Greenspan and other members of the Federal Reserve, ... Earnings have been great over the last year and half, but the market hasn't gone anywhere, and it's because the Fed's sitting on the market.
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I wouldn't be surprised if the market wakes up tomorrow and buys them (stocks) back again.
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We've had quite a run over the last three weeks, and I think the equity market is going to have a little bit of profit-taking, especially in light of a no-news day.
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Sitting on the market has been this 800-pound gorilla, King Kong of the Federal Reserve, and when you remove this gorilla ... I think stocks can work their way higher.
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I would hope that the market will try to rally here, and bounce off these key support levels. If it doesn't bounce real quick in this area, we could have some real problems.
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It takes a long time, but because of inflation, world terror and a more stop-and-go business cycle, we think P/E multiples will be in a slow eroding phase, ... That means the market will be more of a cyclical trading market than a sustainable bull market, meaning you've got to buy when things look cheap and sell when they look expensive.
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The market is just awaiting for the earnings season to begin. October, for whatever the reason, always has a rough start. For some reason, the market has a problem with the month.
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I think earnings will be good this quarter. The pre-announcement season was very innocuous.
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People are real skittish after the sell-off on Friday. That was a pretty nasty bump.
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Our forecast was for earnings to come in around 13 percent year-over-year growth, and they're on track to do it. They are surprisingly better than expected, and outlooks have been good, generally speaking.
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Today, it can be summed up with GM, eBay and metals and mining stocks. It's all related to earnings, and it's a mixed bag.
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Gold is very sensitive to inflation. If you're worried about inflation, you tend to see gains in gold.
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Caterpillar had good numbers. That's got to help.
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We got a lot of earnings and so far so good. The trend is going to be up, frankly, because the economy is chugging along, even with $74 dollar oil, amazingly.